CEOs and foreign corporations get richer under LNP company tax cuts

08 February 2018: KAP Federal Leader and Member for Kennedy Hon Bob Katter MP has slammed the Company Tax Cuts debated in the Parliament today, which gives big businesses turning over more than $50m a tax cut.

Mr Katter warned that most businesses that earn more than $50m are foreign owned and that the majority of businesses are paying their CEOs between $1m-$25m, which will encourage more foreign ownership.“There are four points we wish to make concerning this outrageous proposal.“It comes down to this - if you are going to give tax cuts would you give it to a business who is paying the CEO $25m a year salary package, or would you give it to the struggling families with three kids on a single income? This is still at this stage, the majority of the Australian people, forced into a single income because they can’t afford childcare.“This is a corporate benefit, it flows to the tapestry towers and the boardroom mannequins which most of my mates would call dilatants, and in my language I call them ‘spivs’.“The profits on companies earning more than $50m are overwhelmingly foreign owned and Government reports clearly show that most of them are not paying hardly any tax now.“Most of these businesses are paying their CEOs between a $1m and $25m annual salary package, their underlings would have commensurate incomes. Thomas Picketty in his bestselling book, Capital in the 21st Century, shows conclusively that the rich people are the people that produce nothing, but are the boardroom emperors.“And finally the Government, as does the ALP, profoundly believes in encouraging what they call foreign investment, they are what I describe as a traitor selling out his country and corrupting every aspect of our lives - a most extraordinary and repulsive decision,” Mr Katter said.This Bill will further reduce the corporate tax rate in stages so that by the 2026-27 financial year, the corporate tax rate for all entities will be 25 per cent.